PUMA BIOTECHNOLOGY, INC.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
PBYI$8.25-15.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001437749-25-025470
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001437749-25-033633
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 99 previous paragraphs and 99 current paragraphs.
57 unchanged; 35 reworded; 7 added; 6 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 22 previous and 23 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
On July 4, 2025, the “One Big Beautiful Bill” was signed into law, which includes significant changes to federal tax law and other regulatory provisions that may impact us. As of the date of these financial statements, we have evaluated the impact of the changes to Section 174 – Amortization of research and experimental expenditures on the valuation allowance release. We intend to deduct the capitalized costs over two years. This deduction reduces the amount of net operating losses being utilized but results in a net zero change to the deferred tax asset balance. Therefore, we have concluded that it remains reasonable to maintain the $7.0 million estimate for the valuation allowance release as of September 30, 2025 as the facts and circumstances supporting the deferred tax asset have not materially changed.
Current report
Cost of sales was approximately $12.2 million for the three months ended September 30, 2025, compared to approximately $29.1 million for the three months ended September 30, 2024. The decrease was primarily due to timing of sales made into China by our sub-licensee and the related cost of products shipped and royalty expense.
Current report
SG&A expenses remained virtually unchanged for the three months ended September 30, 2025, compared to the same period in 2024, primarily attributable to the following:
Current report
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Current report
Royalty revenue was approximately $8.7 million and $30.6 million for thenine months ended September 30, 2025 and September 30, 2024 respectively. Thedecrease in royalty revenue was primarily due to a decrease in sales to our international licensees (reduction in China sales).
Current report
Cost of sales was approximately $35.0 million for thenine months ended September 30, 2025, compared to approximately $50.5 million for thenine months ended September 30, 2024. The decrease was primarily due to timing of sales made into China by our sub-licensee and the related cost of products shipped and royalty expense.
Current report
(6) Non-GAAP adjusted diluted net income per share was calculated based on 49,173,361 and 49,025,103 weighted-average shares of common stock outstanding for the three and nine months ended September 30, 2024, respectively.
Removed paragraphs (6)
Previous report
On July 4, 2025, the One Big Beautiful Bill Act was signed into law, which includes significant changes to federal tax law and other regulatory provisions that may impact us. We are currently evaluating the provisions of the new law and the potential effects on our financial position, results of operations, and cash flows. As of the date of these financial statements, we have not completed our assessment, and therefore no adjustments have been made. Additional disclosures will be provided in future periods as the impact of the legislation is determined.
Previous report
Cost of sales was approximately $12.3 million for the three months ended June 30, 2025, compared to approximately $10.7 million for the three months ended June 30, 2024. The increase was primarily due to higher royalty expense and product costs resulting from increased worldwide net sales.
Previous report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Previous report
Royalty revenue was approximately $6.2 million for each of thesix months ended June 30, 2025 and June 30, 2024.
Previous report
Cost of sales was approximately $22.9 million for thesix months ended June 30, 2025, compared to approximately $21.4 million for thesix months ended June 30, 2024. The increase was primarily due to higher royalty expense and product costs resulting from increased global sales.
Previous report
(6) Potentially dilutive common stock equivalents (stock options restricted stock units and warrants) were not included in this non-GAAP adjusted diluted net loss per share for the three and six months ended June 30, 2024, as these shares would be considered anti-dilutive.
Reworded paragraphs (35)
Previous wording
As of the date of the filing of this Quarterly Report, we believe there have been no material changes to our critical accounting policies and estimates during the six months ended June 30, 2025 from our accounting policies at December 31, 2024, as reported in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Current wording
As of the date of the filing of this Quarterly Report, we believe there have been no material changes to our critical accounting policies and estimates during the nine months ended September 30, 2025 from our accounting policies at December 31, 2024, as reported in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Previous wording
Research and development expenses (“R&D expenses”) include costs associated with services provided by consultants who conduct and perform clinical services on our behalf and contract organizations for the manufacturing of clinical materials. During the three and six months ended June 30, 2025 and 2024, our R&D expenses consisted primarily of clinical research organization (“CRO fees”); fees paid to consultants; salaries and related personnel costs; and stock-based compensation. We expense our R&D expenses as they are incurred. Internal R&D expenses primarily consist of payroll-related costs and also include equipment costs, travel expenses and supplies.
Current wording
Research and development expenses (“R&D expenses”) include costs associated with services provided by consultants who conduct and perform clinical services on our behalf and contract organizations for the manufacturing of clinical materials. During the three and nine months ended September 30, 2025 and 2024, our R&D expenses consisted primarily of clinical research organization (“CRO fees”); fees paid to consultants; salaries and related personnel costs; and stock-based compensation. We expense our R&D expenses as they are incurred. Internal R&D expenses primarily consist of payroll-related costs and also include equipment costs, travel expenses and supplies.
Previous wording
Total revenue for the three months ended June 30, 2025 was approximately $52.4 million, compared to $47.1 million for the three months ended June 30, 2024. This increase in total revenue was due to an increase in product revenue, net of approximately $4.8 million and an increase in royalty revenue of $0.6 million.
Current wording
Total revenue for the three months ended September 30, 2025 was approximately $54.5 million, compared to $80.5 million for the three months ended September 30, 2024. This decrease in total revenue was due to a decrease in product revenue, net of approximately $4.2 million and a decrease in royalty revenue of $21.8 million.
Previous wording
Product revenue, net was approximately $92.3 million for the six months ended June 30, 2025, compared to $84.7 million for the six months ended June 30, 2024. This increase in product revenue, net, compared to the six months ended June 30, 2024, was attributable to an increase in net selling price, partially offset by a decrease of approximately 1.0% in deductions to gross revenue for variable consideration, primarily related fewer Medicaid charges.
Current wording
Product revenue, net was approximately $51.9 million for the three months ended September 30, 2025, compared to $56.1 million for the three months ended September 30, 2024. This decrease in product revenue, net, compared to the three months ended September 30, 2024, was attributable toa decrease in product supply revenue to our international licensees (reduction in China sales), partially offset by an increase in domestic sales resulting from an 8%increase inbottles of NERLYNX sold in the U.S. market and an increase in net selling price. This increase in gross domestic sales was partially offset by greater deductions to gross revenue for variable consideration, primarily related to government chargebacks.
Previous wording
Royalty revenue was approximately $3.2 million for the three months ended June 30, 2025, compared to approximately $2.7 million for the three months ended June 30, 2024. The increase was primarily due to increased international sales made by our sub-licensees.
Current wording
Royalty revenue was approximately $2.6 million for the three months ended September 30, 2025, compared to approximately $24.4 million for the three months ended September 30, 2024. The decrease was primarily due to timing of sales made into China by our sub-licensee.
Previous wording
SG&A expenses were approximately $18.0 million for the three months ended June 30, 2025, compared to approximately $25.0 million for the three months ended June 30, 2024. SG&A expenses for the three months ended June 30, 2025 and 2024 were as follows:
Current wording
SG&A expenses were approximately $16.8 million for the three months ended September 30, 2025, compared to approximately $16.8 million for the three months ended September 30, 2024. SG&A expenses for the three months ended September 30, 2025 and 2024 were as follows:
Previous wording
R&D expenses were approxi mately$15.5 million for thethree months ended June 30, 2025, compared to approximately $13.6 million for the three months ended June 30, 2024. R&D expenses for the three months ended June 30, 2025 and 2024, were as follows:
Current wording
R&D expenses were approxi mately$15.9 million for thethree months ended September 30, 2025, compared to approximately $12.6 million for the three months ended September 30, 2024. R&D expenses for the three months ended September 30, 2025 and 2024, were as follows:
Previous wording
R&D expenses increased by approxim ately$1.8 million for the three months ended June 30, 2025, compared to the same period in 2024, primarily attributable to the following:
Current wording
R&D expenses increased by approxim ately$3.4 million for the three months ended September 30, 2025, compared to the same period in 2024, primarily attributable to the following:
Previous wording
For the three months ended June 30, 2025, we recognized approximately $1.0 million in interest income, compared to approximately $1.2 million of interest income for the three months ended June 30, 2024. The decrease in interest income was primarilythe result of lower investment balances and timing of investments.
Current wording
For the three months ended September 30, 2025, we recognized approximately $1.0 million in interest income, compared to approximately $1.3 million of interest income for the three months ended September 30, 2024. The decrease in interest income was primarily the result of lower investment balances and timing of investments.
Previous wording
For the three months ended June 30, 2025, we recognized approximately $1.8 million in interest expense, compared to approximately $3.4 million of interest expense for the three months ended June 30, 2024. The decrease in interest expense was primarily related to a lower debt balance as we began paying down our debt principal during the three months ended June 30, 2024.
Current wording
For the three months ended September 30, 2025, we recognized approximately $1.5 million in interest expense, compared to approximately $3.1 million of interest expense for the three months ended September 30, 2024. The decrease in interest expense was primarily related to a lower debt balance as we began paying down our debt principal during the three months ended September 30, 2024.
Previous wording
For the three months ended June 30, 2025, we recognized approximately $0.4 million in other income, compared to approximately $0.2 million of other income for the three months ended June 30, 2024. The increase inother income was primarily dueto favorable exchange rates in Euro-denominated transactions.
Current wording
For the three months ended September 30, 2025, we recognized approximately $0.1 million in other income, compared to approximately $0.3 million of other income for the three months ended September 30, 2024. The decrease inother income wasprimarily due to unfavorable exchange rates in Euro-denominated transactions.
Previous wording
Total revenue for the six months ended June 30, 2025 was approximately $98.4 million, compared to $90.8 million for the six months ended June 30, 2024. This increase in total revenue was due to an increase in product revenue, net of approximately $7.6 million.
Current wording
Total revenue for the nine months ended September 30, 2025 was approximately $152.9 million, compared to $171.4 million for the nine months ended September 30, 2024. This $18.5 million decrease in total revenue was due to a decrease in royalty revenue of $21.9 million, partially offset by an increase in product revenue, net of approximately $3.4 million.
Previous wording
Product revenue, net was approximately $49.2 million for the three months ended June 30, 2025, compared to $44.4 million for the three months ended June 30, 2024. This increase in product revenue, net, compared to the three months ended June 30, 2024, was attributable to a 4% increase inbottles of NERLYNX sold in the U.S. market and an increase in net selling price, partially offset by a slight increase in deductions to gross revenue for variable consideration, primarily related to government chargebacks.
Current wording
Product revenue, net was approximately $144.2 million for the nine months ended September 30, 2025, compared to $140.8 million for the nine months ended September 30, 2024. This increase in product revenue, net, compared to the nine months ended September 30, 2024, was attributable to anincrease in domestic sales resulting from a 3%increase inbottles of NERLYNX sold in the U.S. market and an increase in net selling price, partially offset by an increase in deductions to gross revenue for variable consideration, primarily related to government chargebacks.
Previous wording
SG&A expenses were approximately $35.7 million for the six months ended June 30, 2025, compared to approximately $46.7 million for the six months ended June 30, 2024. SG&A expenses for the six months ended June 30, 2025 and 2024 were as follows:
Current wording
SG&A expenses were approximately $52.5 million for the nine months ended September 30, 2025, compared to approximately $63.5 million for the nine months ended September 30, 2024. SG&A expenses for the nine months ended September 30, 2025 and 2024 were as follows:
Previous wording
SG&A expenses decreased by approximately $11.1 million for thesix months ended June 30, 2025, compared to the same period in 2024, primarily attributable to the following:
Current wording
SG&A expenses decreased by approximately $11.1 million for thenine months ended September 30, 2025, compared to the same period in 2024, primarily attributable to the following:
Previous wording
R&D expenses were approxi mately $29.3 millionfor thesix months ended June 30, 2025, compared to approximately $27.2 million for the six months ended June 30, 2024. R&D expenses for the six months ended June 30, 2025 and 2024, were as follows:
Current wording
R&D expenses were approxi mately $45.2 millionfor thenine months ended September 30, 2025, compared to approximately $39.8 million for the nine months ended September 30, 2024. R&D expenses for the nine months ended September 30, 2025 and 2024, were as follows:
Previous wording
R&D expenses increased by approxim ately $2.1 million compared to thesix months ended June 30, 2025, compared to the same period in 2024, primarily attributable to the follow:
Current wording
R&D expenses increased by approxim ately $5.5 million compared to thenine months ended September 30, 2024, primarily attributable to the following:
Previous wording
For thesix months ended June 30, 2025, we recognized approximately $2.1 million in interest income, compared to approximately $2.2 million of interest income for thesix months ended June 30, 2024. The decrease in interest income was primarilythe result of lower investment balances and timing of investments.
Current wording
For thenine months ended September 30, 2025, we recognized approximately $3.1 million in interest income, compared to approximately $3.5 million of interest income for thenine months ended September 30, 2024. The decrease in interest income was prima rily the result of lower investment balances and timing of investments.
Previous wording
For the six months ended June 30, 2025, we recognized approximately $4.0 million in interest expense, compared to approximately $6.7 million of interest expense for the six months ended June 30, 2024. The decrease in interest expense was primarily related to a lower debt balance as we began paying down our debt principal during the six months ended June 30, 2024.
Current wording
For the nine months ended September 30, 2025, we recognized approximately $5.5 million in interest expense, compared to approximately $9.8 million of interest expense for the nine months ended September 30, 2024. The decrease in interest expense was primarily related to a lower debt balance as we began paying down our debt principal during the nine months ended September 30, 2024.
Previous wording
For the six months ended June 30, 2025, we recognized approximately $0.8 million in other income, compared to approximately $0.2 million of other income for the six months ended June 30, 2024. The increase inother income was primarily dueto favorable exchange rates in Euro-denominated transactions.
Current wording
For the nine months ended September 30, 2025, we recognized approximately $0.9 million in other income, compared to approximately $0.6 million of other income for the nine months ended September 30, 2024. The increase inother income wasprimarily due to favorable exchange rates in Euro-denominated transactions.
Previous wording
The following table, which summarizes our liquidity and capital resources as of June 30, 2025 and December 31, 2024 and for the six months ended June 30, 2025 and 2024, is intended to supplement the more detailed discussion that follows:
Current wording
The following table, which summarizes our liquidity and capital resources as of September 30, 2025 and December 31, 2024 and for the nine months ended September 30, 2025 and 2024, is intended to supplement the more detailed discussion that follows:
Previous wording
Cash provided by operating activities for thesix months ended June 30, 2025 was$17.7 million and consisted of net income of approximately$8.8 million, adjusted for non-cash items of approximately $9.1 million, which included stock-based compensation of $3.7 million, depreciation and amortization of $5.6 million and provision for credit loss recovery of $0.1 million. Total changes in cash flows from operations were due to a slight decrease in working capital, primarily related to a decrease in accrued expenses and other of approximately $5.0 million, a decrease in operating lease assets and liabilities, net, of $0.9 million and a decrease of post-marketing commitment liability of $1.1 million, partially offset by a decrease in prepaid and other expenses of $0.5 million, a decrease in accounts receivable of approximately $6.3 million and a decrease in inventory of $0.1 million.
Current wording
Cash provided by operating activities for thenine months ended September 30, 2025 was$27.4 million and consisted of net income of approximately$17.7 million, adjusted for non-cash items of approximately $13.2 million, which included stock-based compensation of $5.3 million, depreciation and amortization of $8.3 million and provision for credit loss recovery of $0.4 million. Total changes in cash flows from operations were due to an increase in working capital, primarily related to an increase in accounts receivable of $1.2 million, an increase in inventory of $0.8 million, a decrease of post-marketing commitment liability of $1.7 million, a decrease in operating lease assets and liabilities, net, of $1.3 million and an increase in accrued expenses and other of approximately $0.3 million, partially offset by a decrease in prepaid and other expenses of $0.4 million and an increase in accounts payable of $0.9 million.
Previous wording
Cash provided by operating activities for the six months ended June 30, 2024 was $12.3 million and consisted of a net loss of approximately $9.3 million, adjusted for non-cash items of approximately $10.2 million, including stock-based compensation of $4.4 million, depreciation and amortization of $5.8 million and provision for credit loss recovery of $0.1 million. Total changes in cash flows from operations were due to an increase in working capital, primarily related to a decrease in accounts receivable of approximately $19.8 million, a decrease in prepaid expenses and other of $1.4 million and an increase in accounts payable of approximately $6.6 million, partially offset by a decrease in accrued expenses and other of approximately $13.7 million and an increase in inventory of approximately $2.0 million.
Current wording
Cash provided by operating activities for the nine months ended September 30, 2024 was $23.3 million and consisted of net income of approximately $11.0 million, adjusted for non-cash items of approximately $15.1 million, including stock-based compensation of $6.5 million, depreciation and amortization of $8.7 million and provision for credit loss of $0.1 million. Total changes in cash flows from operations were due to a decrease in working capital, primarily related to an increase in accounts receivable of approximately $6.7 million (primarily sales to China) and a decrease in accrued expenses and other of approximately $2.1 million, partially offset by a decrease in inventory of $4.4 million (primarily sales to China) and a decrease in prepaid expenses and other of $2.4 million.
Previous wording
Cash used in investing activities for thesix months ended June 30, 2025 was approximately$9.7 million, compared to net cash used in investing activities of approximately$18.4 million for the same period in 2024. Cash used in investing activities for the six months ended June 30, 2025 was primarily due to the purchase of available-for-sale securities of approximately $34.4 million, partially offset by the maturity of available-for-sale securities of approximately $24.8 million.
Current wording
Cash used in investing activities for thenine months ended September 30, 2025 was approximately$9.2 million, compared to net cash used in investing activities of approximately$18.1 million for the same period in 2024. Cash used in investing activities for the nine months ended September 30, 2025 was primarily due to the purchase of available-for-sale securities of approximately $61.2 million, partially offset by the maturity of available-for-sale securities of approximately $52.1 million.
Previous wording
Cash used in investing activities for the six months ended June 30, 2024 was approximately $18.4 million, compared to net cash used by investing activities of approximately $22.1 million for the same period in 2023. Cash used in investing activities was primarily due to the purchase of available-for-sale securities of approximately $44.9 million, offset by the maturity of available-for-sale securities of approximately $26.5 million.
Current wording
Cash used in investing activities for the nine months ended September 30, 2024 was approximately $18.1 million, compared to net cash used in investing activities of approximately $11.0 million for the same period in 2023. Cash used in investing activities was primarily due to the purchase of available-for-sale securities of approximately $61.0 million, offset by the maturity of available-for-sale securities of approximately $42.9 million.
Previous wording
Cash used in financing activities for the three months ended June 30, 2025 was approximately $22.5 million, including $22.2 million related to the payment of principal and $0.4 million related exit fees, on our debt with Athyrium, partially offset by $0.1 million inproceeds from shares issued under employee stock plans.
Current wording
Cash used in financing activities for the nine months ended September 30, 2025 was approximately $33.9 million, including $33.3 million related to the payment of principal and $0.7 million related exit fees, on our debt with Athyrium, partially offset by $0.1 million inproceeds from shares issued under employee stock plans.
Previous wording
Cash used in financing activities for the three months ended June 30, 2024 was approximately $11.3 million, including $11.1 million related to the payment of principal and $0.2 million related exit fees, on our debt with Athyrium.
Current wording
Cash used in financing activities for the nine months ended September 30, 2024 was approximately $22.5 million. Of this amount, $22.7 million related to the payment of principal, as well as exit fees, on our debt with Athyrium, partially offset by approximately $0.2 million of proceeds from employee stock options exercised.
Previous wording
As of June 30, 2025, the principal balance outstanding under the Athyrium Notes was$44.5 million and represents all of our debt. We are in compliance with all applicable covenants under the Athyrium Notes.
Current wording
As of September 30, 2025, the principal balance outstanding under the Athyrium Notes was$33.3 million and represents all of our debt. We are in compliance with all applicable covenants under the Athyrium Notes.
Previous wording
We may choose to begin new R&D efforts, or we may choose to launch additional marketing efforts. For example, we in-licensed alisertib from Takeda in 2022 and assumed sole responsibility for its global development and commercialization. These efforts will require funding in addition to the cash and cash equivalents totaling approximately$54.7 million and approximately$41.4 million in marketable securities available at June 30, 2025. While our consolidated financial statements have been prepared on a going concern basis, we may incur significant losses in the future and will need to generate significant revenue to sustain operations and successfully commercialize neratinib and develop alisertib. While we have been successful in raising financing in the past, there can be no assurance that we will be able to do so in the future. Our ability to obtain funding may be adversely impacted by uncertain market conditions, our success in commercializing neratinib, our success in developing alisertib, unfavorable decisions of regulatory authorities or adverse clinical trial results. The outcome of these matters cannot be predicted at this time. We believe that our existing cash and cash equivalents and marketable securities as of June 30, 2025, and proceeds that will become available to us through product sales and sub-license payments are sufficient to satisfy our operating cash and capital needs for at least one year after the filing of this Quarterly Report.
Current wording
We may choose to begin new R&D efforts, or we may choose to launch additional marketing efforts. For example, we in-licensed alisertib from Takeda in 2022 and assumed sole responsibility for its global development and commercialization. These efforts will require funding in addition to the cash and cash equivalents totaling approximately$53.5 million and approximately$40.9 million in marketable securities available at September 30, 2025. While our consolidated financial statements have been prepared on a going concern basis, we may incur significant losses in the future and will need to generate significant revenue to sustain operations and successfully commercialize neratinib and develop alisertib. While we have been successful in raising financing in the past, there can be no assurance that we will be able to do so in the future. Our ability to obtain funding may be adversely impacted by uncertain market conditions, our success in commercializing neratinib, our success in developing alisertib, unfavorable decisions of regulatory authorities or adverse clinical trial results. The outcome of these matters cannot be predicted at this time. We believe that our existing cash and cash equivalents and marketable securities as of September 30, 2025, and proceeds that will become available to us through product sales and sub-license payments are sufficient to satisfy our operating cash and capital needs for at least one year after the filing of this Quarterly Report.
Previous wording
In addition to our operating results, as calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) we use certain non-GAAP financial measures when planning, monitoring, and evaluating our operational performance. The following table presents our net income (loss) and net income (loss) per share, as calculated in accordance with GAAP, as adjusted to remove the impact of stock-based compensation. For thethree and six months ended June 30, 2025, stock-based compensation represented approximately 4.9% and 5.6% of our operating expenses, respectively, compared to 5.3% and 6.0% for the same respective periods in 2024, in each case excluding cost of sales. Our management believes that these non-GAAP financial measures are useful to enhance understanding of our financial performance, are more indicative of our operational performance and facilitate a better comparison among fiscal periods. These non-GAAP financial measures are not, and should not be viewed as, substitutes for GAAP reporting measures.
Current wording
In addition to our operating results, as calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) we use certain non-GAAP financial measures when planning, monitoring, and evaluating our operational performance. The following table presents our net income and net income per share, as calculated in accordance with GAAP, as adjusted to remove the impact of stock-based compensation. For thethree and nine months ended September 30, 2025, stock-based compensation represented approximately 5.1% and 5.5% of our operating expenses, respectively, compared to 7.0% and 6.3% for the same respective periods in 2024, in each case excluding cost of sales. Our management believes that these non-GAAP financial measures are useful to enhance understanding of our financial performance, are more indicative of our operational performance and facilitate a better comparison among fiscal periods. These non-GAAP financial measures are not, and should not be viewed as, substitutes for GAAP reporting measures.
Previous wording
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Net Income (Loss) and
Current wording
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income and
Previous wording
GAAP Net Income (Loss) Per Share to Non-GAAP Adjusted Net Income (Loss) Per Share
Current wording
GAAP Net Income Per Share to Non-GAAP Adjusted Net Income Per Share
Previous wording
(3) Non-GAAP adjusted basic net income per share was calculated based on 49,700,217 and 49,648,246 weighted-average shares of common stock outstanding for the three and six months ended June 30, 2025, respectively.
Current wording
(3) Non-GAAP adjusted basic net income per share was calculated based on 50,339,456 and 49,881,181 weighted-average shares of common stock outstanding for the three and nine months ended September 30, 2025, respectively.
Previous wording
(4) Non-GAAP adjusted basic net loss per share was calculated based on 48,292,414 and 48,240,835 weighted-average shares of common stock outstanding for the three and six months ended June 30, 2024, respectively.
Current wording
(4) Non-GAAP adjusted basic net income per share was calculated based on 49,008,464 and 48,498,579 weighted-average shares of common stock outstanding for the three and nine months ended September 30, 2024, respectively.
Previous wording
(5) Non-GAAP adjusted diluted net income per share was calculated based on 50,144,704 and 50,003,709 weighted-average shares of common stock outstanding for the three and six months ended June 30, 2025, respectively.
Current wording
(5) Non-GAAP adjusted diluted net income per share was calculated based on 50,929,893 and 50,334,553 weighted-average shares of common stock outstanding for the three and nine months ended September 30, 2025, respectively.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
SG&A expenses decreased by approximately$6.9 million for the three months ended June 30, 2025, compared to the same period in 2024, primarily attributable to the following: